Kinda opposite of you. 

I had puts to cover feeders to be sold in Jan of that year.  Turned out it was the first major sale following Mad Cow. Board went south fast and a decision was made to send the calves because labor, feed supply and winter conditions anticipated via the calendar. Market was down but not like the board.  High sight,  because a second cow was not found market recovered.  But it could been max ugly.  Paper allowed flexibility and that actually worth more than the physical dollars they provided. 

 Good Post.  That's what its all about. Also at the time we did not have LRP available.